First Merchants Corp - FRME STOCK NEWS

First Merchants Corporation (NASDAQ - FRME) reported Q2 2022 net income of $38.5 million, a decrease from $55.6 million in Q2 2021. Diluted earnings per share were $0.63, down from $1.03 YoY. Adjusted net income rose to $60.0 million with adjusted EPS at $1.01. Total loans increased by $2.0 billion, driven largely by the acquisition of Level One Bancorp, while total deposits grew $1.7 billion. Non-interest expenses surged to $97.3 million, largely due to acquisition costs. Net interest income was $128.7 million, marking a 25.8% increase from Q1 2022.

First Merchants Corporation (NASDAQ: FRME) has announced a quarterly cash dividend of $0.4688 per depositary share as part of its 7.50% Non-Cumulative Perpetual Preferred Stock Series A. This dividend is payable on August 15, 2022, to stockholders of record by July 31, 2022. The company operates primarily through its bank charter and subsidiaries in Muncie, Indiana, and its common stock is traded on the NASDAQ under the symbol FRME.

First Merchants Corporation (NASDAQ:FRME) is set to announce its second quarter 2022 financial results on July 26, 2022. Following the release, the corporation will conduct a conference call and webcast at 10:30 a.m. ET to discuss the results. Participants can access the call by registering through a provided link. A replay of the webcast will be available for one year, until July 26, 2023. First Merchants Corporation operates one full-service bank, First Merchants Bank, and is headquartered in Muncie, Indiana.

First Merchants Corporation announced the election of Kevin D. Johnson and Jason R. Sondhi to its Board of Directors on June 23, 2022. Johnson, CEO of the Detroit Economic Growth Corporation, has a strong background in economic development, while Sondhi, founder of Sondhi Solutions, brings extensive experience in IT staffing and consulting. Their additions expand the board to 14 members, with 12 being independent directors. Both will be up for election at the Annual Shareholder Meeting in May 2023. Their expertise is expected to enhance First Merchants' leadership and operational strategy.

First Merchants Corporation (NASDAQ: FRME) has appointed Patrick J. Fehring to its Boards of Directors following the merger with Level One Bancorp in April. Fehring, who previously served as President and CEO of Level One Bank since its inception in 2007, brings 27 years of experience from Fifth Third Bancorp. Board Chairman Charles E. Schalliol and CEO Mark K. Hardwick expressed confidence in Fehring's expertise and commitment to community service, highlighting his potential to contribute positively to the company’s growth trajectory.

First Merchants Corporation (NASDAQ: FRME) declared a cash dividend of $0.32 per share on May 10, 2022. This dividend is set to be paid on June 17, 2022, to shareholders on record as of June 3, 2022. The ex-dividend date for this cash dividend is June 2, 2022, allowing investors to know when they need to own shares to receive the payout. The company operates under one full-service banking charter and is based in Muncie, Indiana.

First Merchants Corporation (NASDAQ: FRME) reported a net income of $48.6 million for Q1 2022, consistent with $49.5 million in Q1 2021, with diluted earnings per share of $0.91. Total loans, excluding PPP loans, grew by $165 million (7.2%) and deposits increased by $173.4 million (5.4%) from the previous quarter. The bank completed its acquisition of Level One Bancorp on April 1, 2022. Non-interest income rose to $25.9 million, while non-interest expense increased 9.4% to $72.3 million. The loan to deposit ratio is 73%, and total assets reached $15.5 billion as of March 31, 2022.

First Merchants Corporation has declared a quarterly cash dividend of $0.4688 per depositary share on its 7.50% Non-Cumulative Perpetual Preferred Stock, Series A. This dividend will be payable on May 15, 2022, to stockholders of record on April 30, 2022. The preferred shares are represented by depositary shares traded on NASDAQ under the symbol FRMEP. First Merchants Corporation, a financial holding company headquartered in Muncie, Indiana, operates under the common stock symbol FRME.

First Merchants Corporation (NASDAQ:FRME) is set to announce its first quarter 2022 financial results on April 26, 2022. The earnings conference call will take place at 10:00 a.m. ET, earlier than previously scheduled. The call can be accessed by dialing (Toll Free) 877-806-2932 and using Conference ID 6838926, with international callers using +1 478-219-0639. A webcast and presentation slides will be available on their website, with a replay accessible until April 26, 2023.